Market Updates
Fed Minutes Show Commitment to Lower Inflation
Brian Turner
17 Aug, 2022
New York City
Federal Reserve policymakers are less likely to step away from hiking rates until inflation declined substantially, showed the latest minutes released for the meeting held in late July released today.
The policymakers at the last Fed's meeting discussed the need to bring down inflation but some members also worried that the Fed may overshoot on its rate hike program hurting the economy.
Policymakers noted that the recent decline in gasoline prices could not be relied on providing the basis for sustained inflation in the long run. as these prices could quickly rebound.
"Participants agreed that there was little evidence to date that inflation pressures were subsiding.
They judged that inflation would respond to monetary policy tightening and the associated moderation in economic activity with a delay and would likely stay uncomfortably high for some time.
Participants also observed that in some product categories, the rate of price increase could well pick up further in the short run, with sizable additional increases in residential rental expenses being especially likely," the minutes noted.
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